DALLAS, June 1, 2016 /PRNewswire/ -- On June 6, 2016, the Louisiana Legislature will convene for 18 calendar days in a second special session called by Governor John Bel Edwards to address the state's remaining estimated $600 million budget shortfall for fiscal year 2016–2017. The regular session will conclude at 6:00 p.m. on June 6, 2016, and the second special session will begin at 6:30 p.m. the same day.
In his call for the special session, Governor Edwards gave the Legislature specific items to consider for closing the budget gap. Of the 48 objectives noted in the Call, many appear to be orders to fix "unintended errors" from the First Extraordinary Session, which became effective April 1, 2016. These items relate to some of the following:
- Nonprofit and civic organizations
- Educational organizations
- Healthcare organizations
- Occasional or isolated sales
- Supplies and equipment used by licensed commercial fishermen
- Liquefied petroleum gas for private and residential use
Other items noted in the Call are revenue-raising measures focused on the following (predominantly income tax related):
- Evaluation of exemptions for publicly owned facilities
- Adjustments to state corporate income tax deductions
- Modifications to Act 123 of 2015
- Modifications to Act 125 of 2015
- Modifications to Act 8 of 2016 First Extraordinary Session
- Modifications to Act 30 of 2016 First Extraordinary Session
- Modifications to Act 31 of 2016 First Extraordinary Session
- Modifications to apportionment percentages, foreign trade zones, etc.
- Adjustments to state personal income tax deductions
- Adjustments to state personal income tax rates and brackets
- Adjustments to the further processing sales tax exemption, which appears to be in response to the Nelson Industrial Steam Co Supreme Court verdict
The Governor's Call can be viewed on the state's website.
The Ryan Advocacy practice will have a full team of professionals engaged in tracking and monitoring all tax policy issues.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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